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NEW YORK (AP) — Netflix It raises prices for video streaming customers in the US and Canada less than a year and a half since the last price increase as competition from other streaming services increases.
Prices have increased by $1 to $2, depending on the plan, the Los Gatos, California company said on Friday. The “standard” plan most people get goes from $1.50 to $15.50. The Canadian version increases by the same amount in local currency to CAD 16.50.
Price increases are becoming a more regular feature at the moment. Netflixfacing saturation in the US market. of the NetflixIt has 213.5 million subscribers, of which approximately 74 million are in the US and Canada. It had a global influx of subscribers early in the pandemic, but it’s investing in video games as it looks beyond movies and TV to grow.
in the USA, Netflix‘s most expensive plan increases by $2 to $20; The basic plan went from $1 to $10. Plans vary based on variables such as the number of screens users can watch. Netflix the number of phones or tablets that are open and available for download at the same time. The company still ships DVDs on a service that requires a separate plan.
The price increase is effective from Friday. Netflix customers via e-mail and Netflix application before the new price is applied to them. Customers in New York, Alabama, and Louisiana also faced a new local sales tax bill. Netflix says it’s because of the addition of video games to the service.
Raising prices runs the risk of people canceling. Netflix It remains the dominant streaming service in the US, but others like HBO Max and Disney+ have grown in popularity.
Netflix Shares rose in late trading after news of the price hike. The stock closed at $525.69, up $6.49, or 1.3%. The company will announce its fourth-quarter financial results on Thursday.
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